TransCode Therapeutics (NASDAQ:RNAZ) Announces Completion of $8 Million Private Placement

TransCode Therapeutics, a biopharmaceutical company specializing in RNA therapeutics for cancer treatment, disclosed on November 26, 2024, the completion of a significant private placement. The company entered into a securities purchase agreement with accredited investors, resulting in the sale of an aggregate of 5,710,000 shares of common stock, 15,510,160 pre-funded warrants, and 21,220,160 Series C and Series D warrants. The offering price ranged from $0.3769 to $0.377 per share, comprising a total of approximately $8 million in gross proceeds.

This strategic move by TransCode Therapeutics aims to reinforce the company’s financial position for working capital and general corporate purposes. It also includes plans to register the resale of the purchased securities from this private placement, as stated in the Purchase Agreement filed with the Securities and Exchange Commission. The issuance of common stock upon warrant exercise is contingent upon stockholder approval, with a meeting scheduled within 70 days following the private placement closure.

To manage ownership concentration, holders of the purchased securities are restricted from exceeding 4.99% or 9.99% ownership thresholds post-exercise. The transaction involved reputable financial advisors and placement agents, which include The Benchmark Company LLC and A.G.P./Alliance Global Partners, demonstrating prudent financial management by TransCode Therapeutics.

Following the private placement, TransCode Therapeutics addressed Nasdaq’s stockholders’ equity requirement by gradually regaining compliance. The company awaits a compliance determination from Nasdaq and remains cautious about the Nasdaq Capital Market listing status until a final determination is made.

This disclosure was accompanied by a press release on November 27, 2024, emphasizing the company’s commitment to using RNA therapeutics to effectively combat cancer. Forward-looking statements about the registration of securities, intended use of proceeds, and Nasdaq compliance are outlined amidst cautions regarding risks and uncertainties inherent in such strategic transactions.

The competitive and dynamically evolving landscape of oncology treatment is positioning companies like TransCode Therapeutics to leverage innovative RNA therapeutics. The completion of this private placement signifies a pivotal step in the company’s pursuit of transforming cancer treatment methodologies.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TransCode Therapeutics’s 8K filing here.

TransCode Therapeutics Company Profile

TransCode Therapeutics, Inc, a ribonucleic acid (RNA) oncology company, focuses on the development and commercialization of drugs and diagnostics for treating and identifying various cancers. Its lead therapeutic candidate is TTX-MC138 that targets microRNA-10b, a master regulator of metastatic cell viability in a range of cancers, including breast, pancreatic, ovarian, colon cancer, glioblastomas, and others.